Recurring Firm Events and Predictable Returns: The Within-Firm Time Series
本文综述了重复发生的公司事件（如盈利和股息）与可预测回报的文献，发现这些事件在预期发生时带来大额正回报，且难以用统一风险理论解释。
We review the literature on recurring firm events and predictable returns. Many common firm events recur on a predictable basis, such as earnings and dividends, among others. These events tend to be associated with large positive returns in the period when the events are predicted to occur (without conditioning on the outcome or existence of the event itself). These returns occur mainly on the long side of the portfolio, are statistically and economically large when value weighted, and replicate internationally. It is difficult to explain the observed patterns with a unified risk theory. Some of the underlying causes seem to be related to idiosyncratic risk, predictable attention, probability mistakes, and demand for corporate distributions.